Group 1: Financial Performance - The company achieved a revenue of CNY 971 million in 2024, representing a year-on-year increase of 16.83% [6][16] - The net profit attributable to shareholders reached CNY 44.81 million, up 128.95% compared to the previous year [6][16] - The company plans to distribute a cash dividend of CNY 0.2 per 10 shares for 2024 [10] Group 2: Market Dynamics and Product Strategy - The egg-laying chicken industry typically follows a three-year cycle, with seasonal peaks around the Mid-Autumn Festival and Spring Festival [3][5] - The company exports products to Mongolia, although the export revenue constitutes a small percentage of total sales [3] - The company is focused on optimizing its product structure and marketing strategies to adapt to changing market demands [14] Group 3: Future Growth and Development Plans - The company aims to enhance its core competitiveness through innovation in management, technology, and talent [17] - Future growth will be driven by increasing market share, improving product quality, and expanding into new markets [9][11] - The company is committed to sustainable development and enhancing its biosecurity and food safety measures [14][17] Group 4: Industry Trends - The egg-laying chicken industry is expected to see increased consolidation and a shift towards larger-scale farming operations [11][12] - There is a growing demand for new egg products and a focus on quality and branding in consumer preferences [12] - The industry is moving towards digitalization and requires a more skilled workforce [12]

Core Viewpoint - The A-share companies are currently in a concentrated disclosure phase for their Q1 2025 reports, highlighting the importance of both year-on-year and quarter-on-quarter data for a comprehensive assessment of their operational status [1] Group 1: Company Performance - 27 companies have reported a continuous increase in net profit both quarter-on-quarter and year-on-year, indicating a positive trend in their financial performance [2] - Among these, the semiconductor sector has a notable representation, with companies like 澜起科技 (Lianqi Technology) showing significant growth in revenue and net profit due to increased sales of DDR5 memory interface chips and high-performance chips [3][4] - 澜起科技 achieved a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, with a year-on-year growth of 135.14%, marking a record high for a single quarter [4] Group 2: Market Trends - The semiconductor industry is expected to benefit from the acceleration of domestic substitution due to recent trade frictions, particularly in high-end computing chips and related products [3] - 11 out of the 27 companies exhibit a bullish moving average pattern, indicating strong investor confidence and potential for further price increases [6][7] - Companies like 山高环能 (Shangao Environmental) and 晓鸣股份 (Xiaoming Co.) are also showing promising growth, with 山高环能 reporting a net profit of approximately 28.27 million yuan, a year-on-year increase of 222.23% [8][9] Group 3: Institutional Interest - Several companies have attracted significant institutional buying, with 晓鸣股份 receiving a net purchase of 51.73 million yuan, indicating strong market interest [10][11] - 福达股份 (Fuda Co.) has also seen substantial institutional investment, with a net purchase of 23.64 million yuan and a year-on-year net profit growth of 106.06% [10][12]

| 证券代码：300967 | 证券简称：晓鸣股份 公告编号：2025-080 | | --- | --- | | 债券代码：123189 | 债券简称：晓鸣转债 | 二、清偿安排 宁夏晓鸣农牧股份有限公司 关于减资涉及债权清偿事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本次减资背景及债权清偿相关事宜 宁夏晓鸣农牧股份有限公司（以下简称"公司"）分别于 2024 年 11 月 15 日和 2024 年 12 月 2 日召开第五届董事会第十五次会议、第五届监事会第六次会议和 2024 年第一次 临时股东大会，审议通过了《关于终止实施 2021 年限制性股票激励计划暨回购注销限制 性股票的议案》，鉴于公司经营所面临的外部环境与制定股权激励计划时相比发生了较大 变化，2021 年限制性股票激励在 2023 年公司层面业绩考核指标未达成，综合考虑近期市 场环境因素和公司未来发展规划，公司预期经营情况与激励方案考核指标的设定存在偏差， 达成本次激励计划设定的后续年度业绩考核目标亦存在较大的不确定性，若公司继续实施 本激励计划将难以达到预期的激励目 ...

晓鸣股份 2025042120250416 摘要 • 2024 年蛋鸡行业受进口品种稀缺和下半年鸡蛋需求上涨驱动，父母代蛋 鸡存栏量下降，晓鸣股份等龙头企业市占率提升。预计 2025 年上半年在 产蛋鸡存栏量仍有缺口，美国禽流感可能导致种源引进困难，或重现 2024 年下半年市场行情。 • 全国在产蛋鸡存栏量维持在 12.5 亿至 13 亿只，雏鸡需求量约 11 亿只。 新祖代品种进入市场促进雏苗需求，但种源供给不足导致企业自留父母代， 红利向上游转移。规模化养殖增强生产连续性，延长商品蛋鸡饲养周期至 540 天，提高定价权。 • 2024 年三家龙头企业市占率近 70%，新增产能中规模化超过一半，规模 化养殖倾向于选择龙头企业。青年鸡产业占比逐渐增大，盈利稳定。鸡蛋 产业已连续四年盈利，预计 2025 年继续盈利，但可能不如 2024 年，下 半年有望出现红利。 • 美国和欧洲禽流感导致引种困难，国内企业关注美国和加拿大种源受阻。 晓鸣股份通过技术调整稳定鸡苗品质，开发飞龙氧鸡蛋等高质化产品，并 在京东和抖音开设旗舰店销售动物福利类产品。 Q&A 请介绍一下晓鸣股份在 2024 年和 2025 年第一季度的 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 鸡苗价格景气延续，25Q1 业绩同比大幅改善 [Table_Title2] 晓鸣股份(300967) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300967 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 27.47/8.15 | | 目标价格： | | 总市值(亿) | 37.53 | | 最新收盘价： | 20.01 | 自由流通市值(亿) | 24.97 | | | | 自由流通股数(百万) | 124.79 | [Table_Summary] 事件概述 公司发布 2024 年年报，报告期内，实现营业收入 9.71 亿元，同比增长 16.83%；实现归母净利润 4481.34 万 元，同比扭亏为盈，拟每 10 股派 2.0 元，合计派发现金红利 3713.37 万元。公司发布 2025 年一季报，2025Q1 实现营业收入 3.94 亿元，同比增长 125.09%；实现归母净利润 9902 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 鸡苗价格景气延续，25Q1 业绩同比大幅改善 [Table_Title2] 晓鸣股份(300967) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300967 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 27.47/8.15 | | 目标价格： | | 总市值(亿) | 37.53 | | 最新收盘价： | 20.01 | 自由流通市值(亿) | 24.97 | | | | 自由流通股数(百万) | 124.79 | [Table_Summary] 事件概述 公司发布 2024 年年报，报告期内，实现营业收入 9.71 亿元，同比增长 16.83%；实现归母净利润 4481.34 万 元，同比扭亏为盈，拟每 10 股派 2.0 元，合计派发现金红利 3713.37 万元。公司发布 2025 年一季报，2025Q1 实现营业收入 3.94 亿元，同比增长 125.09%；实现归母净利润 9902 ...

近日，晓鸣股份（300967.SZ）发布2024年年度报告，公司2024年全年实现营业收入9.71亿元，同比增 长16.83%；实现归母净利润4481.34万元，同比增长128.95%；扣非净利润3414.04万元，同比增长 122.84%；基本每股收益0.24元/股。 同时，公司拟向全体股东每10股派发现金股利2元（含税），拟合计派发现金红利3713.50万元（含 税）。 公司的业绩主要来源于鸡产品销售，利润主要来源于鸡产品销售价格，2024年，鸡产品销售价格上涨， 使得销售毛利率上升，全年公司实现了扭亏为盈。鸡产品销售金额占营业收入比重为79.58%，其中， 商品代雏鸡收入占比为75.02%；相关副产品销售金额占营业收入比重为20.38%。此外，2024年公司销 售商品代健母雏22,778.00万羽，全国市场占有率依旧保持超过20%。 此外，公司坚持发展新质生产力，持续强化宁夏蛋鸡产业研究院研究开发、产教融合、人才培养、成果 转化、技术服务的创新地位，持续加强研发投入，积极柔性引进行业专家、外国专家和高学历人才，围 绕公司核心竞争力，不断提升技术研发水平，加快项目研发和专利、成果申报。 报告期内，公司研发 ...

Summary of Xiaoming Co. Conference Call Industry Overview - Xiaoming Co. benefits from a shortage of chick supply and rising prices, with profits from commodity chicks nearing 2019 highs [2][3] - The egg industry is stable overall, with a strong rebound expected in the second half of 2024, maintaining egg prices above 4 yuan [2][5] - U.S. import restrictions have led to a significant reduction in the number of parent stock breeding farms in China, creating supply tightness [2][6] Company Insights - Xiaoming Co. is the second-largest egg source company in China and the only publicly listed company in the egg sector, providing a strong industry position and scarcity advantage [3] - The company has maintained stable capacity expansion since its listing and is exploring new businesses such as young chickens [3][4] - In Q1 2025, the profit per commodity chick was approximately 1 yuan, with costs around 3 yuan and order prices at about 4 yuan [2][30] Market Dynamics - The chicken chick market is experiencing a supply-demand imbalance due to U.S. import restrictions, leading to a significant reduction in parent stock breeding farms [6][9] - The domestic market prefers imported breeds, accounting for over 65% of commodity egg chickens, but frequent outbreaks of avian influenza in the U.S. complicate import conditions [7][8] - The overall supply of commodity egg chickens is stable at around 1.3 billion, with farmers opting to extend the life of older hens, providing opportunities for source companies [10][11] Financial Performance - In 2024, Xiaoming Co. achieved a profit of approximately 0.2 yuan per commodity chick, with a sales price of 3.2 yuan [4][21] - The company expects to achieve a revenue target of over 250 million yuan in 2025, with plans to double the number of young chickens sold to 4 million [22][24] Future Strategies - Xiaoming Co. plans to focus on commodity meat chickens while developing young chickens, premixes, and non-caged eggs as auxiliary businesses [4][25] - The company aims to increase young chicken production to 50 million within five years and is actively pursuing ESG initiatives for sustainable development [4][24][18] - The company is exploring overseas market opportunities in Africa, Central Asia, and Southeast Asia, with a focus on replicating successful domestic models [25][33] Challenges and Risks - The egg industry is expected to face losses in 2024, with a rebound anticipated in the second half of the year [5] - The ongoing U.S. import restrictions pose significant challenges for the sourcing of parent stock, impacting overall market supply [9][28] - The company faces competition from other firms expanding their capacities, with market share among the top three companies expected to rise to 80% in the next few years [26] Conclusion - Xiaoming Co. is well-positioned in the egg industry, leveraging current market conditions to enhance profitability and expand its business model. The company is actively addressing challenges while exploring growth opportunities both domestically and internationally.

4月15日晚间，晓鸣股份（300967）公布2024年年报，公司实现营业总收入9.71亿元，同比增长 16.83%；归母净利润4481.34万元，同比增长128.95%；扣非净利润3414.04万元，同比增长122.84%；经 营活动产生的现金流量净额为3.06亿元，同比增长400.62%。 同日，晓鸣股份披露2025年一季报，报告期内实现营业收入3.94亿元，同比增长125.09%；净利润 9902.51万元，同比增长1102.08%；加权平均净资产收益率为11.91%，创历史新高，显示公司盈利效率 的大幅提升。根据披露信息，公司营收增长主要系本期销售数量及价格较上年同期增加所致。值得注意 的是，公司自2024年第三季度开始，净利润同比增幅已经连续3个季度超过100%。 晓鸣股份主营业务为祖代蛋种鸡、父母代蛋种鸡养殖，父母代雏鸡、商品代雏鸡(蛋)及其副产品销售， 商品代育成鸡养殖及销售，产品销售覆盖全国。公司作为国内一体化蛋鸡制种产业龙头企业，近年来营 业收入、市场占有率不断提升，已成为行业内的标杆企业，规模优势显著。2024年公司销售商品代健母 雏22,778.00万羽，全国市场占有率依旧保持超过20%。 ...

华西证券股份有限公司 关于宁夏晓鸣农牧股份有限公司 申请银行综合授信额度及相关担保的 核查意见 华西证券股份有限公司（以下简称"华西证券"或"保荐机构"）作为宁夏 晓鸣农牧股份有限公司（以下简称"晓鸣股份"或"公司"）首次公开发行股票 并在创业板上市、向不特定对象发行可转换公司债券的保荐机构，根据《证券发 行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》（以下简称 "《创业板股票上市规则》"）《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》（以下简称"《深交所自律监管指引第 2 号》"） 等相关法律、法规和规范性文件的规定，对晓鸣股份申请银行综合授信额度及相 关担保事项进行了审慎核查，核查意见如下： 一、向银行申请综合授信额度的基本情况 为保障公司业务发展及日常经营的需要，公司拟向银行申请使用综合授信额 度不超过人民币 70,000.00 万元（含 70,000.00 万元）。本综合授信额度授权有效 期自本议案经股东大会审议通过之日起 12 个月。在授信期内授信额度可循环使 用。公司董事会提请股东大会授权公司董事长及管理层在上述授信额度内代表公 司办理此次银行授信相关工作， ...